NEW YORK ( TheStreet) - For almost two years, I have invested in emerging market countries, both as a bet against the U.S. dollar and because their growth rates are higher and debt levels lower than the U.S., Europe, and Japan.

I am a long-term investor. I don't have either the computer power or data to compete with short-term traders. And for long-term investors, important things don't change quickly. But every so often, it is worth reassessing any strategy.

I also believe there is considerable merit in the random walk theory that says all information is immediately reflected in stock market prices so the results of stock market picks are pretty random.

But as a global economist, I derive undeserved satisfaction from infrequently reviewing the global economic situation and recalibrating my investments based on what I find.

The Global Economic Situation

According to the IMF, nothing much has changed since 2009. As Table 1 shows, advanced are nations still struggling with recession, government deficits and debt while emerging nations have moved on. Ceteris paribus, this would suggest investments in emerging markets.

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